Consumers are often required to submit a significant number of documents to organizations for various reasons, such as for purchasing services, submitting applications, etc. These documents are not available in a single central repository, and instead are typically in paper form or in stored electronic repositories, such as consumers' email account(s). Some of the required documents may even be lost or unavailable.
In addition, filling out forms, such as online forms, can be a tedious process for users, especially when it requires filling out repetitive information each time the user avails a service, not to mention spending time looking up information from various sources before entering the information onto the form. In an exemplary scenario, if a user wishes to request two financial products from the same bank, e.g., a mortgage loan application and a credit card application, then the user would need to fill in two different forms, repeating certain information, such as name, address, account id, etc.
Additionally, the businesses would have their own internal workflows of validating the information that is provided in the application form, thereby also increasing servicing time. Since the information provided by the user is not verified, service providers spend a considerable amount of time cross-verifying the form content with supporting documents provided by the user.